Feb 11
21
Housing Building Falls To An 88-Year Low
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In the contrary to the previous post the fall in house construction can have balancing effect on price fall. They could even go up rather then fall. Again, read and make your own decisions.
Published by Sky News
on Friday, 18 February 2011 by Goldie Momen Putrym
on Friday, 18 February 2011 by Goldie Momen Putrym
The number of properties built in England last year fell to its lowest level since 1923, official figures showed.
The Department of Communities and Local Government said only 102,570 new homes were completed in 2010.
This was a 13% drop from the number of completions in 2009, and was less than half the level estimated to keep pace with rising demand.
Approximately 232,000 new homes need to be built in England each year to match demand.
Construction in the final quarter of the year was hit hardest due to the bad weather, with private developers particularly affected.
The number of property completions fell 18% among private builders compared to a 3% rise for housing associations.
The data added to an already dire situation.
